Seven years ago, Eman Vergara stumbled upon a book that would change their lives. This discovery led them to realize the potential of early retirement and financial independence. They began to calculate their net worth and saw the possibilities that lay ahead.
The couple, with Eman working in funds management and Kristine as an accountant, started to make changes in their spending habits. They shifted from a maximalist lifestyle to one of minimalism, cutting back on expenses and focusing on saving.
After reading more books and listening to podcasts, Eman and Kristine sold their car and started renting as needed. They swapped expensive supermarkets for Aldi and reduced their travel and dining out expenses. These lifestyle changes allowed them to pay off a significant amount of debt, including AU$24,000 in credit-card debt and AU$26,000 in student loans.
As they moved from Sydney to Toowoomba, a city with a lower cost of living, they were able to increase their savings rate from 50% to 75%. Their combined net worth now stands at about AU$3 million, or about $2 million, with a portfolio breakdown that includes property in Australia and the Philippines, stocks, and a superannuation account.
Since starting their journey towards financial independence, Eman and Kristine have welcomed two children into the world. Their motivation for this change was to have more autonomy and the ability to travel as a family before their children started school.
Kristine retired from her full-time accounting role about three years ago, while Eman continues to work in funds management with a flexible arrangement. They refer to themselves as "coast FIRE" and plan to take a sabbatical when Eman turns 40 and travel for nine months of the year while homeschooling their children.
As they approach partial or full retirement in the next few years, Eman and Kristine are focused on teaching their children the value of work. They believe in raising kids with a hunger for ambition and want them to understand the power of saving and compound interest.
The couple encourages their children to be involved in volunteering and community work and pick up a trade skill from a young age. They also teach them the importance of saving at least half of their income and staying away from credit cards.
She realized that having a brother or sister would provide Mabel with a sense of belonging and reduce the isolation she might feel. This realization led to the birth of her second daughter, Nancy.
She worried that Nancy might have to sacrifice her own dreams and freedom to care for Mabel. This realization led Nina to make a difficult decision and have a third child, Edith.
When Edith was born, a weight lifted from Nina. She saw how Edith's arrival would share the responsibility of caring for Mabel. It also helped heal some of the grief she felt about Mabel's disability.
Nina's message to her daughters as they grow is simple: look after each other. She believes that with the support of their siblings, they can face any challenges that come their way.